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The manufacturing sector, which saw a downward trend in April
  • PMI, an index of manufacturing activity, touched a four-month high of 57.2 in April 2023. It then rose to a 31-month high of 58.7 in May of that year. After that it fell to 57.8 in June and 57.7 in July and increased to 58.6 in the following August. Then in September, the PMI fell again to 57.5. It fell further to 55.5 in October. It is the lowest BMI number not seen in previous 8 months.
  • The BMI, which had been experiencing a continuous decline, increased to 56 last November. The PMI then fell to an 18-month low of 54.9 in December. After increasing to 56.5 in January and 56.9 in February, the PMI rose to a 16-year high of 59.1 in March.
  • Meanwhile, the PMI index for manufacturing activity fell to 58.8 in April. However, this is the 2nd highest BMI number recorded in the last three and a half years. With this, the manufacturing PMI index has remained above the neutral range of 50 for the 34th consecutive month.
  • A reading above 50 indicates a healthy trend in the manufacturing sector and a reading below 50 indicates a recession. Demand for manufactured goods increased last April. And favorable environment prevailed for manufacturing activities. Due to this, the manufacturing sector recorded the second largest growth in three-and-a-half years last April, the report said.
2nd session of the India-Nigeria Joint Trade Group was held in Abuja
  • Indian High Commissioner to the Federal Republic of Nigeria, Mr. G. Balasubramanian, Economic Adviser, Department of Commerce, Mrs. Priya B. Nair, along with a seven-member Indian delegation headed by Mr. Amardeep Singh Bhatia, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, will visit their Nigerian Embassy in Abuja from 29.04.2024 to 30.04.2024. Conducted joint business team meetings with colleagues. 
  • The meeting was co-chaired by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Ambassador Noora Aba Rimi, Additional Secretary, Department of Commerce.
  • During the talks, the two sides had a detailed review of recent developments in bilateral trade and investment relations and vast untapped opportunities for expansion. Officials from the Reserve Bank of India, Export-Import Bank of India and National Exchange Corporation of India (NBCI) were also part of the official delegation from India.
  • In a concerted effort to promote bilateral trade, the two sides pledged to speedily resolve all issues hindering bilateral trade and facilitate trade development between the two countries. 
  • A trade delegation led by CII accompanied the official delegation comprising representatives from various sectors such as power, financial technology, telecommunication, electrical machinery, pharmaceuticals etc. The discussions at the 2nd session of the India-Nigeria Joint Trade Partnership were smooth and visionary.
7th India-Indonesia Joint Defense Cooperation Committee meeting was held in New Delhi
  • Defense Secretary Mr. Krithar Aramane, Chief Secretary, Ministry of Defense of Indonesia, Air Marshal Tony Ermawan Tafando, MDS jointly chaired the 7th India-Indonesia Joint Defense Cooperation Committee meeting on 03 May 2024 in New Delhi. During the meeting, both sides expressed satisfaction over the expansion of defense cooperation between the two countries.
Mining sector has set a record in production in the financial year 2023-24
  • The mineral production index for March 2024 was 156.1, up 1.2% from March 2023. The index for the full financial year 2023-24 has increased by 7.5% over the financial year 2022-23. March 2024 has shown positive growth compared to the same month of the previous year. 
  • Some non-fuel minerals include copper, gold, manganese ore, diamond, graphite, kyanite, sillimanite, limestone, magnesite, etc.
  • Iron ore and limestone together contribute about 80% of the total MCTR mineral production. According to provisional data, the production of these key minerals in the country has shown the highest growth in the financial year 2023-24. 
  • 277 million metric tonnes of iron ore has been produced in the financial year 2023-24. A record breaking 7.4% growth of 258 million MT production in FY 2022-23. Showing a similar trend, limestone production has also surpassed the production record of 406.5 million MT achieved in FY 2022-23.
  • This has increased by 10.7% to 450 million MT in FY 2023-24. In the non-ferrous metal sector, production of primary aluminum metal in FY 2023-24 surpassed the production record of FY 2022-23. Primary aluminum production increased from 40.73 lakh tonnes in FY 2022-23 to 41.59 lakh tonnes in FY 2023-24 at a growth rate of 2.1%.
  • India is the 2nd largest producer of aluminum, 3rd largest producer of limestone and 4th largest producer of iron ore in the world. Healthy growth in iron ore and limestone production in FY 2023-24 reflects strong demand conditions in user industries such as steel and cement. 
  • Coupled with high growth in aluminum, these growth trends point to strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.

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